Binance.US solves USD withdrawal issues but warns it won’t last long
United States crypto exchange Binance.US has informed customers it has resolved its U.S. dollar withdrawal issues after working with its banking partners but warns the relief may not last.
The reportedly independent subsidiary of crypto exchange Binance told customers in a June 22 update that its system remains fully operational and that U.S. dollar withdrawal requests are expected to go back to their normal five-business-day turnaround.
On June 9, the exchange suspended dollar deposits and notified its customers of an incoming pause to fiat withdrawal channels amid its ongoing battle with the Securities and Exchange Commission.
At the time, it also warned customers that its banking partners were preparing to pause fiat withdrawal channels as early as June 13; however, that didn’t end up coming to pass as yet.
In its most recent statement, Binance.US has encouraged any customers that have a failed withdrawal attempt to resubmit their requests “as our systems remain fully operational,” but cautioned that the relief may not be permanent.
“While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future.”
Binance.US is also encouraging its users “use, withdraw, or convert your USD to a stablecoin to continue crypto-to-crypto trading,” as it transitions to a crypto-only exchange.
Reminder: As we transition to a crypto-only exchange, https://t.co/gM6e3xb9BX will remove select USD Advanced Trading pairs from our platform on 6/26 at 8 p.m. PDT / 11 p.m. EDT.
While USD withdrawals remain fully operational, we encourage you to use, withdraw, or convert your… pic.twitter.com/LWDWVvwtoq
— Binance.US Customer Support (@BinanceUShelp) June 22, 2023
Any remaining USD balances held in customer accounts could be converted into Tether (USDT) at a future date, it noted.
The announcement also included details of more USDT trading pairs with ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ and ZIL being added on June 26.
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However, it noted that it would remove most “USD Advanced Trading pairs” from the platform on the same date. Of the 150 crypto assets that Binance.US supports, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC and USDT will be tradable against the dollar.
The company has also had problems with banking partners in Australia. In May, Bitcoin prices fell to a 20% discount on the Australian branch of Binance when local banking and payments partners suspended their services causing a rush to sell and cash out.
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